Australia cancels GetCoins registration following customer scam complaints

The Australian financial intelligence regulator AUSTRAC canceled the registration of virtual asset provider GetCoins, trading as BA Digital Ventures Pty Ltd, on June 4, 2026. The action followed customer complaints and allegations that GetCoins was exploited by organized cryptocurrency investment scams. AUSTRAC worked with the National Anti-Scam Centre to disrupt the activity. This cancellation is part of a broader crackdown in which AUSTRAC removed 45 businesses from its registers over the past year.

GetCoins registration cancellation

• ▪The Australian financial intelligence regulator AUSTRAC canceled the registration of virtual asset service provider GetCoins on June 4, 2026.
• ▪AUSTRAC worked with the National Anti-Scam Centre on the GetCoins investigation following customer complaints and requested information about the provider's operations.
• ▪GetCoins, which was identified by AUSTRAC as BA Digital Ventures Pty Ltd, lost its registration three months before AUSTRAC's September 7, 2026 announcement.

Investment scam exploitation allegations

• ▪AUSTRAC stated that GetCoins was allegedly exploited by organized cryptocurrency investment scams, though no criminal findings were established against GetCoins itself.
• ▪The cancellation of GetCoins' registration and AUSTRAC's collaboration with the National Anti-Scam Centre helped disrupt organized investment scam activity.

AUSTRAC enforcement actions tally

• ▪The 45 enforcement actions announced by AUSTRAC were based on issues including insolvency, inactivity, inadequate registration, and money laundering or terrorism financing risks.
• ▪AUSTRAC announced on September 7, 2026, that it canceled, suspended, or refused to renew 45 remittance and virtual asset provider registrations over the past year.

Virtual asset provider registration

• ▪Under AUSTRAC guidance, businesses providing digital currency exchange or virtual asset services in Australia must be registered to legally operate.
• ▪AUSTRAC CEO Brendan Thomas stated that businesses with canceled registrations can no longer operate as remittance or virtual asset providers in Australia.

Market access controls

• ▪AUSTRAC can impose specific registration conditions on digital currency exchange or virtual asset service providers where it identifies unacceptable risks.
• ▪AUSTRAC has the authority to refuse, suspend, cancel, or deny renewal of registrations if a business poses unacceptable money laundering, terrorism financing, or serious crime risks.

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